---
title: "Equinor Maintained at Hold as Analyst Raises Price Target to $38 Amid Gas-Driven Strength and Emerging Cost Pressures"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293705941.md"
description: "TD Cowen analyst Jason Gabelman maintained a Hold rating on Equinor ASA, raising the price target to $38. The upgrade reflects higher gas assumptions and updated free cash flow valuations through 2030, driven by strong global gas prices expected to persist until 2027. However, the neutral stance accounts for rising upstream operating costs, prioritized balance sheet reinforcement over buybacks, and projected compression in free cash flow yields. Production guidance also suggests flatter second-half volumes than market expectations."
datetime: "2026-07-24T05:05:21.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293705941.md)
  - [en](https://longbridge.com/en/news/293705941.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293705941.md)
generator: "portal-rs"
---

# Equinor Maintained at Hold as Analyst Raises Price Target to $38 Amid Gas-Driven Strength and Emerging Cost Pressures

TD Cowen analyst Jason Gabelman maintained a Hold rating on Equinor ASA today and set a price target of $38.00.

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Jason Gabelman has given his Hold rating due to a combination of factors, balancing near-term tailwinds with medium-term risks. He notes that Equinor’s recent share strength appears tied largely to elevated global gas prices rather than a material earnings beat, and he expects gas markets to remain constructive through 2027 before normalizing thereafter. At the same time, he lifts his price target to $38, reflecting higher gas assumptions and an updated valuation of free cash flow through 2030.

Despite these positives, Gabelman highlights that Equinor is prioritizing balance sheet reinforcement over expanding buybacks, while also facing rising upstream operating costs and a projected compression in free cash flow yields in the coming years. He also points out that production guidance implies flatter second-half volumes versus market expectations, even after adjusting for maintenance and unplanned downtime. Taken together, the stock’s recent rally, cost pressures, and moderating cash generation limit upside relative to his new target, supporting a neutral Hold stance.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**